Seeking Alpha

McKesson moves to seal Celesio deal

  • McKesson (MCK) has launched a tender offer to buy the outstanding shares of German peer Celesio as the U.S. drugs distributor attempts to prevent hedge fund Elliott International from blocking the deal.
  • McKesson has made its offer conditional on obtaining at least 75% of Celesio's shares, including those from two convertible bonds. When taking the debt into account, Elliot owns 21.05% of Celesius.
  • McKesson has already agreed to buy 50.01% of Celesio from diversified holding company Franz Haniel & Cie. The total is worth $8.3B.
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